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Alpex Solar IPO Oversubscribed 303 Times

editor by editor
February 15, 2024
in News
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Alpex Solar
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The Alpex Solar Limited’s initial public offer (IPO) garnered a tremendous response from investors, achieving a subscription rate of 303 times by the conclusion of the bidding period. The company, based in Greater Noida, aimed to raise Rs 745.2 million from the offering, which took place from February 8-12, 2024. The qualified institutional buyer section of the offering saw a subscription of 133 times, the HNI/NII quota witnessed a subscription of 471 times, and the retail individual investors quota recorded a subscription of 329 times. This resulted in an overall subscription of 303 times by the closing day of bidding on Monday, February 12, 2024.

The issue’s price range is set at Rs 109-115 per equity share. The IPO consists of a fresh issue of 6.48 million equity shares, each with a face value of Rs 10, utilising the book-building route. The minimum lot size for applications is 1,200 equity shares. The company is planning to be listed on NSE Emerge. Alpex Solar plans to use Rs 195.5 million of the net proceeds from the IPO for the enhancement and expansion of its current solar module manufacturing facility. This involves increasing the capacity from 450 MW to 1,200 MW in the existing unit. Additionally, Rs 129.4 million will be allocated to establish a new manufacturing unit for the aluminum frame of its solar modules. A sum of Rs 204.9 million is earmarked for meeting working capital needs, while the remaining funds will be directed towards general corporate expenses.

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In December 2023, Alpex Solar Limited revealed the submission of its draft red herring prospectus with NSE emerge.

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